Natwest loans and cancelling the DD's

[Amethyst]

Re: Natwest loans and cancelling the DD's

Did you hear anything back on this one Macho .

I received this back from RBS a few days ago (think I forwarded it to you by email) not sure if it will help at all with your case.

Ref: 312477









Ref: 312477 Dear Miss
I am once again contacting you regarding your email of 17 September 2009 addressed to Brian Hartzer. I am sorry that I have been unable to speak with you, however, I have provided my response below.
When a customer applies for a NatWest personal loan, there is a requirement to also have a service account with NatWest, from which the monthly repayments may be made. The payments are automatically taken by an internal direct debit and no mandate is completed, therefore, they do not fall under the Direct Debit Scheme for cancellation.
Another reason that we are unable to accept cancellations of payments from the service account is that the NatWest functionality of these accounts does not allow direct payments to be made to the loan account, or accept payments from a different source.
You have mentioned that some of your clients would have been able to make payments by an alternative method. I confirm that if the alternative payments are made directly to the service account rather than the loan account, the payment will still be taken in line with the terms and conditions of the account.
NatWest does not charge late payment fees on personal loans, however, if there are insufficient funds and the payment is returned unpaid a fee will be charged to the service account. In order to assist our customers NatWest has recently reduced these fees and it is hoped that this will prevent the spiral of charges you have described.
There are currently some proposals being considered regarding the loan repayment issue, however, this is still at the early stages. In the meantime, if a customer is facing financial hardship and is unable to meet with their repayments or require their loan to be rescheduled, they may be passed to our Debt Management Team who will be able to consider their proposals.
I hope that you have found the above information helpful and thank you for writing.
Yours sincerely


xxxx
Manager
Group Customer Relations
Royal Bank of Scotland Group
Executive Response Team | 12th Floor | 280 Bishopsgate | London | EC2M 4RB | Depot 028
Tel: 020 7672 1981
Fax 020 7672 1796

[Mochamoo]

Re: Natwest loans and cancelling the DD's

Yes you did ta x

No still not heard,(snail mail) but the man from collections who has approved my hardship case said he would downgrade my account if I wanted so I don't have to pay the gold account fee. The branch staff and customer service staff said I had to have the gold account to keep the loan lol

[Amethyst]

Re: Natwest loans and cancelling the DD's

You know what I'm going to say now don;t you lol.

Sounds like a missold gold account to me.... if you want to ask for a refund ? Depends if you have used the ''advantages'' I would guess.

[Mochamoo]

Re: Natwest loans and cancelling the DD's

LOL Nope never used the advantages, thought I do like the idea of having the greenflag for those times I cant afford my AA fee lol

[Amethyst]

Re: Natwest loans and cancelling the DD's

pmsl or to recover the AA van when they break down ?

[WendyB]

Re: Natwest loans and cancelling the DD's

LOL Nope never used the advantages, thought I do like the idea of having the greenflag for those times I cant afford my AA fee lol

So what's the point of paying the AA fee when you already have green flag for nothing? well not nothing but you know what I mean. Although I have to confess i have no idea what the AA charge...I've just cancelled the breakdown cover on my car insurance because I've got A/g and no point paying for something twice is there?

[Mochamoo]

Re: Natwest loans and cancelling the DD's

My car is old and rubbish and breaks alot and the AA do this thing where if you pay an extra few quid a month they give pay the first 500 quid worth of repairs..

• You'll get up to five paid claims per year.
• We'll pay repair bills of up to £500 per claim less £25 excess (including VAT).
• If garage repair is necessary, we'll arrange to pay the bill and help ensure the repair is as hassle-free as possible

the greenflag is just a tow service if you go bang

Ive used the 500 pound thing twice so far..... worth its weight in gold

[scoobydoo]

Re: Natwest loans and cancelling the DD's

It does not see* "fair" that any FI can insist you use DD to repay - if they get their pay*ent on ti*e each *onth why should it ake any difference.

For e.g if you want to repay a CC earlier even if you set up a standing order - the fact that you are reducing the debt *eans that the DD reduces as well so they are still getting the interest for longer - so each *onth you have to review what you pay.